GEAL FUKUMOTO TALBERT is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 733 BISHOP ST, HONOLULU, HI, 96813.
GEAL FUKUMOTO TALBERT has worked at UBS FINANCIAL SERVICES INC. since March 21, 2011
Disclosure History
GEAL FUKUMOTO TALBERT has 1 Disclosure Event(s).
Date: February 17, 2011 Category: Employment Separation After Allegations Firm Name: LPL FINANCIAL LLC Termination Type: Discharged Allegations: TERMINATED FOR VIOLATION OF LPL POLICY CONCERNING THE USE OF A CUSTOMER'S LIQUEFIED HOME EQUITY LOAN FUNDS FOR INVESTMENT PURPOSES. Broker Comment: I DID NOT RECOMMEND THAT THE CLIENT GET A REVERSE MORTGAGE. THE CLIENT WROTE A CHECK TO LPL AND JOHN HANCOCK DIRECTLY FROM HER OWN CHECKING ACCOUNT. I WAS NOT AWARE OF AN LPL POLICY PROHIBITING THE INVESTMENT OF PROCEEDS FROM A REVERSE MORTGAGE AND THEREFORE DISCLOSED THE SOURCE OF WEALTH AND INCOME AS "REVERSE MORTGAGE PROCEEDS" ON THE NEW ACCOUNT FORM WHEN THE ACCOUNT WAS OPENED ON SEPTEMBER 23, 2010. MY COMPLIANCE SUPERVISOR AT LPL DID NOT ASK ME ABOUT THE SOURCE OF FUNDS UNTIL DECEMBER 21, 2010. WHEN I DID A SEARCH IN LPL'S ONLINE DATABASE FOR "REVERSE MORTGAGE", NO REFERENCE TO THE LPL ADVISOR ALERT DATED JULY 2007 CAME UP, SO THE COMPLIANCE SUPERVISOR EMAILED ME A COPY OF THE MEMO WHICH REFERRED TO "LIQUEFIED HOME EQUITY". THEY CONFIRMED WITH THE CLIENT THAT THE INVESTMENTS WERE MADE WITH THE REMAINING PROCEEDS OF THE REVERSE MORTGAGE THAT SHE DID AND TOLD HER THAT THEY WOULD BE REVERSING THE INVESTMENTS. THEY TOLD ME THAT THEY WOULD COME TO MY OFFICE TO AUDIT MY FILES AND INSTEAD PACKED THEM ALL UP. THEY CALLED ME AS SOON AS THE PERSON LEFT WITH MY BOXES TO LET ME KNOW THAT THEY WERE TERMINATING ME BECAUSE I VIOLATED LPL'S POLICY.
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